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Summary
"One of today's best-known experts on the topic shows business leaders how to dramatically increase corporate value through smart, strategic divestiture"--
Description
Today’s best-known expert on the topic shows business leaders how to dramatically increase corporate value through smart, strategic divestitures
You've focused on mergers and acquisitions, but how much do you know about divestitures? Wharton Professor Emilie R. Feldman provides a comprehensive primer on what strategic objectives divestitures can achieve, which businesses divestitures typically involve, what divestiture structures companies can choose from, and how to implement divestitures to maximize their financial benefits.
Divestitures are among the hottest transactional structures today. Divestitures: Creating Value Through Strategy, Structure, and Implementation shows executives, board members, transactional advisors, educators, and others how strategic divestitures can be used to enhance corporate value and performance. The book is organized into three sections:
- Strategy: Remove problems, improve focus, reconfigure the corporate portfolio, and address regulatory requirements
- Structure: Sales, spinoffs, equity carveouts, Reverse Morris Trusts, joint ventures, and tracking stocks
- Implementation: Separate the divested business, reconfigure internal processes, and reshape external perceptions
About the Author
Emilie R. Feldman is the Michael L. Tarnopol Professor and Professor of Management at the Wharton School of the University of Pennsylvania. Her research focuses on corporate strategy and governance, with particular interests in the role that divestitures, spinoffs, and mergers and acquisitions play in corporate reconfiguration, the internal functioning of multi-business firms, and the impact that large shareholders have on strategic decision-making and outcomes. She has served as an external consultant, expert witness, and collaborator to some of the world's largest law, accounting, and consulting firms, and to major corporations.
Back Cover
"Through her rigorous and well-researched analysis, Dr. Feldman provides an invaluable guide for any executive looking to address one of the most crucial, yet sensitive, corporate challenges: knowing why, when, and how to divest and reshuffle a firm''s businesses and resources in pursuit of more value-creating opportunities." -- Laurence Capron , Professor of Strategy and The Paul Desmarais Chaired Professor of Partnership and Active Ownership, INSEAD "Emilie Feldman shows us how thoughtful divestitures create wins for management and shareholders. For many leaders, the inherent bias for acquisitions and against divestitures creates blind spots for value creation. The entire breadth of this book, covering divestiture strategies, structures, and implementation approaches, is brought to life by the memorable case studies and anecdotes. Our team now refers to these cases by name, adding vocabulary that expands our frame of options available to the companies we advise. I am eager to introduce Emilie''s work to my clients. Note: I am less eager to have competing advisers read her work." -- Todd Dubner , Principal, Global Strategy Group, KPMG "Emilie Feldman brilliantly shows that pruning underperforming or non-core businesses is essential to corporate success. This most helpful book shows how to strategize, structure, and implement divestitures to lay the foundations for sustainable growth and profitability." -- Mauro F. Guill
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